How do we access the second last copied stuff on our clipboard?

The default clipboard manager in Windows Vista does not keep track of history. Whenever you add something new to the clipboard, you overwrite what was already in there.

To prevent this behavior you need a third-party solution.

Ditto, http://ditto-cp.sourceforge.net, seems like a very good clipboard manager with a lot of fancy features. It has received some pretty good reviews.

ClipX is another one (use the eternal-beta versions). I set WinKey + V to Paste the second from last clipboard entry.